Benefits of Health Insurance

Know in detail the coverages and benefits offered by health insurance policies.
3 min

A health insurance not only secures your health but also your financial well-being. With the current lifestyle and habits, diseases like diabetes, blood pressure, heart ailments and more are prevalent in all age groups. In addition to this, medical inflation has also been a major concern. Considering these factors, having a comprehensive health insurance policy becomes crucial. It comes as a saviour at the time of medical emergency.

A health insurance policy provides extensive coverage against medical-related expenses. It helps you stay financially prepared. Health insurance benefits you in getting access to quality healthcare services without worrying about funds.

Why is health insurance important?

Health insurance is an essential aspect of modern life and plays a critical role in providing financial security for people during medical emergencies. It ensures that individuals can access quality healthcare services without worrying about the high costs associated with medical treatment. Health insurance benefits include hospitalisation expenses coverage, pre-and post-hospitalisation expenses coverage, and coverage for cost of surgeries and treatment. With the ever-rising medical expenses in India, health insurance is of utmost importance. It secures individuals and their families from financial burden due to medical emergencies. Therefore, investing in a good health insurance policy is a wise decision that can provide peace of mind and financial security in uncertain times.

Also read: What is health insurance

Top benefits of health insurance

Here are some key benefits of health insurance that you should know about.

Covers hospitalisation expenses

Health insurance policies cover all medical-related expenses incurred during hospitalisation. It covers expenses against medicines, doctor’s fees and nursing. It also covers expenses like room rent, ICU charges (if any) and diagnostic tests.

Covers pre-and post-hospitalisation expenses

Health insurance policies cover pre-and-post hospitalisation expenses. You get coverage for medical expenses incurred from 30-60 days before hospitalisation. You also get coverage for medical expenses incurred during the recovery stage. The insurers usually give coverage for 60-90 days after hospitalisation. However, the duration of coverage may differ from insurer to insurer.

Covers daycare procedures

Many modern treatment methods require you to get hospitalised for only 24 hours or even lesser time. Health insurance benefits include coverage for expenses of such daycare procedures that need less than 24 hours of hospitalisation. You can check the list of daycare procedures covered on the policy document when purchasing.

Covers domiciliary treatments

In many cases, the patient’s health condition may not permit to move the person to a hospital. Also, many a time, you may not find a bed available at the hospital. In such situations, doctors recommend home treatment under their supervision. Best health insurance policies cover treatments taken at home during these scenarios.

Covers alternative treatment

Insurers also recognise practices like Ayurveda, Yoga, Unani, Siddha and Homoeopathy (AYUSH). You can get coverage for AYUSH treatment up to the sum insured.

Covers annual health check-ups

Most health insurers offer the benefit of free annual health check-up with a health insurance policy. This helps you to keep a track of your health. It also enables you to take medical intervention on time if required.

Offers add-on cover for critical illnesses

Many health insurers offer critical illness cover as an add-on benefit on comprehensive health insurance plan. You get coverage for critical illnesses like stroke, kidney failure, heart attack, or cancer. You can check with the insurer on the list of critical illnesses covered when buying the health insurance policy.

Offers cashless treatment

You can avail the option of cashless claim settlement. This benefit of cashless health insurance helps you seek treatment at any network hospital without paying any cash directly to the hospital. You only need to inform the insurer 48 hours before planned admission or within 72 hours in case of emergency admission. The insurer will directly clear all the bills with the network hospital after completing the required formalities.

Reimburses ambulance charges

In case of an emergency, you may need to hire an ambulance and pay ambulance charges. Most health insurance policies provide coverage up to Rs. 3,000 per hospitalisation for road ambulance charges.

Additionally, health insurance policies also offer tax exemptions under the relevant sections of the Income Tax Act.

A health insurance policy, in short, gives you the required financial backup at the time of need. By assessing these key health insurance benefits and comparing plans, you can make an informed decision that ensures you or your family have access to quality healthcare while protecting your finances. You can choose and buy the insurance policy as per your needs on Bajaj Finance Insurance Mall.

Frequently asked questions

What are the advantages of buying health insurance?

There are several advantages to buying health insurance, including protection against unexpected medical expenses, access to quality healthcare services, tax benefits, peace of mind, and incentives for maintaining a healthy lifestyle. By investing in health insurance, you can safeguard your finances and ensure that you and your family are covered in case of a medical emergency. With a variety of health insurance policies available in the market, you can choose a plan that meets your specific needs and budget.

What is a ‘waiting period’ in a health insurance policy?

A waiting period is a duration during which the policyholder cannot make any claims on the health insurance policy. Generally, health insurance policies have a waiting period in the range of 30 days to four years. The duration depends on the policy and coverage chosen, also based on the insurer’s terms and conditions.

How can I buy an affordable health insurance policy?

Most health insurers today provide insurance policies online. The availability of digital insurance has made choosing the best health insurance that suits your requirements easy and convenient. You simply need to look for health insurance policies online and compare the coverages and benefits offered on the policies. Choose the one that fits your budget and offers extensive coverage. You can directly buy the health insurance policy online through any of your preferred payment modes.

Can I add my family members to the health insurance policy to get the benefits?

Yes, you can add your spouse and up to four children to the health insurance policy. You can also add your parents and parent-in-laws to the health insurance policy.

What are the features of health insurance?

Some key health insurance features include coverage for hospitalisation expenses, pre-and post-hospitalisation expenses, and the cost of treatments and surgeries. Health insurance benefits also include cashless hospitalisation, daycare procedures, and coverage for pre-existing illnesses after a waiting period. In addition, some health insurance policies offer coverage for critical illnesses, maternity expenses, and OPD expenses. You must choose a health insurance policy that suits your unique healthcare needs and offers comprehensive coverage within your budget.

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